Schrödinger Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Schrödinger, Inc. (Nasdaq: SDGR) announced the grant of non-statutory stock options to purchase 7,250 shares of common stock to four newly hired employees on November 15, 2021. This grant, part of the 2021 Inducement Equity Incentive Plan, was made to induce employment acceptance and complies with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $45.45 per share, vesting over four years. Schrödinger utilizes a physics-based software platform for drug and materials discovery, serving various sectors globally.

Positive

• Grant of stock options may attract talent, enhancing workforce.
• Investment in employees indicates growth-focused strategy.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on November 15, 2021, the company granted non-statutory stock options to purchase an aggregate of 7,250 shares of the company’s common stock to four newly hired employees. These grants were made pursuant to the company’s 2021 Inducement Equity Incentive Plan, were approved by the compensation committee of the board of directors pursuant to a delegation by the company’s board of directors, and were made as a material inducement to such employees’ acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation.

The stock options have an exercise price of $45.45 per share, equal to the closing price of Schrödinger’s common stock on November 15, 2021. Each stock option has a ten-year term and vests over four years, with 25 percent of the shares underlying the option vesting when the employee completes 12 months of continuous service measured from the employment start date and the balance of the shares vesting in a series of successive equal monthly installments of 1/48 of the original number of shares upon the employee’s completion of each additional month of service over the 36 months following the first anniversary of the employment start date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and the company’s 2021 Inducement Equity Incentive Plan.

About Schrödinger

Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger’s multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

Founded in 1990, Schrödinger has over 500 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com and follow us on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005162/en/

Investor contact:

Jaren Madden

ir@schrodinger.com

Source: Schrödinger, Inc.

FAQ

What recent stock options were granted by Schrödinger (SDGR)?

On November 15, 2021, Schrödinger granted non-statutory stock options for 7,250 shares at an exercise price of $45.45.

What is the vesting schedule for the stock options granted by SDGR?

The stock options vest over four years, with 25% vesting after the first year and the remainder vesting monthly over the following three years.

What purpose do the stock option grants serve for Schrödinger (SDGR)?

The stock option grants are a material inducement for new employees to accept their positions within the company.

How does Schrödinger (SDGR) use its software platform?

Schrödinger's software platform facilitates the rapid discovery of novel molecules for drug development and materials applications.